EX-99 7 edpressrelease.txt EXHIBIT 99 CTC CirTran Corporation CIRTRAN CONVERTS $1.5 MILLION IN DEBT TO EQUITY Deal Further Strengthens Finanical Position Salt Lake City, UT - December 30, 2002 - CirTran Corp. (OTC: CIRT), a full-service contract electronics manufacturer of printed circuit board assemblies, cables and harnesses, today announced an agreement with four investors to exchange $1.5 million of CirTran's senior debt for common shares. In aggregate, this transaction will reduce the company's interest expense by approximately $150,000 annually. Iehab Hawatmeh, President and CEO of CirTran Corporation, commented, "The deal further strengthens CirTran's finanical position as it will eliminate a substantial portion of the company's annual interest expense, further enabling us to take advantage of opportunities as market conditions improve. Clearly, our finanical partners share management's high level of confidence in CirTran's future growth prospects and ability to execute on the numerous initiatives we have underway designed to improve our revenues and profitability." About CirTran Corporation Founded in 1993, CirTran Corporation (OTC: CIRT) has established itself as a premier full-service contract electronics manufacturer by building printed circuit board assemblies, cables, and harnesses to the most exacting specifications. CirTran is headquartered in Salt Lake City, Utah with a state-of-the-art 40,000 sq. ft. facility. CirTran also provides "just-in-time" inventory management techniques that minimize the OEM's investment in component inventories, personnel and, related facilities, thereby reducing costs and ensuring speedy time-to-market. For further information about CirTran, please visit the Company's website located at www.cirtran.com. CONTACT: David Pasquale, 646-536-7006, or Jim Olecki, 646-536-7021 Both with The Ruth Group, www.TheRuthGroup.com ### Safe Harbor Statement Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the company's periodic filings with the Securities and Exchange Commission.